Maguire Company sells parts to a foreign customer on December 1, year 1, with payment of 20,000 crowns to be received on March 1, year 2. Maguire inters into a forward contract on December 1, year 1, to sell 20,000 crowns on March 1, year 2. Relevant exchange rates for the crown on various dates are as follows: Date Spot rate Forward rate (to March 1, Year 2) December 1, year 1 $1.00 $1.04 December 31, year 1 1.05 $1.10 March 1. year 2 1.12 Assuming that Maguire designates the forward contract as a fair value hedge of a foreign currency, What is the impact on year 1 net income